Explore Types of Life Insurance Policies and Quotes

Employers can offer group life insurance as an employer-paid core benefit, a voluntary benefit paid by employees, or a combination of both. Employer-paid coverage establishes a baseline level of protection for eligible employees, while voluntary life insurance lets employees elect additional coverage through payroll deductions. Franklin Benefits Group helps employers compare these structures and build an approach that fits their workforce and benefits budget.

Voluntary life insurance is optional coverage offered through an employer that employees can choose to purchase. In most voluntary arrangements, employees pay 100% of the premium, often through convenient payroll deductions. These programs may provide access to lower group rates, and many policies offer portability, meaning employees may be able to keep coverage if they leave the company. Available features and eligibility vary by carrier and plan.

Life insurance quotes are based on the plan design, eligible employee population, selected benefit amounts, employer contribution strategy, and carrier underwriting requirements. Voluntary and employer-paid plans can be priced differently because the employer’s participation and funding approach may differ. Franklin Benefits Group conducts market analysis and obtains quotes from multiple carrier markets so employers can compare available coverage options and overall plan value.

Yes. Employers can fund group life insurance as part of their core employee benefits package. This approach provides eligible employees with a valuable financial protection benefit and can support recruiting and retention goals. Employers may also pair an employer-paid base benefit with voluntary coverage, allowing employees to elect additional protection and generally pay the associated premiums through payroll deductions.

Many voluntary life insurance products include portable coverage, which can allow employees to continue their policy after leaving an employer. Portability rules, premium changes, application requirements, and available coverage amounts vary by carrier and policy. Employees should review their certificate of coverage and act within any required continuation timeframe. A benefits advisor can help explain the applicable options before employment ends.

The appropriate level of group life insurance depends on the employer’s workforce, budget, benefits philosophy, and retention goals. Some organizations provide a foundational employer-paid benefit, while others add voluntary options so employees can choose coverage that better reflects their personal responsibilities. Reviewing eligibility, contribution levels, employee needs, and carrier options together helps create a practical and understandable offering.

Enrollment commonly takes place when an employee first becomes eligible for benefits and during an employer’s annual open enrollment period. Depending on the carrier and plan, employees may also be able to make changes after a qualifying life event, such as marriage or the birth of a child. Late enrollment can involve additional requirements, so employees should review plan deadlines carefully.

Life insurance complements health, dental, disability, and voluntary benefits by addressing a different financial risk: the loss of income or support after a death. It can be customized to an employer’s needs and offered as employer-paid, voluntary, or both. When clearly communicated alongside other benefits, life insurance can add meaningful value to a total compensation package without creating unnecessary complexity.